Kal Raman has resigned as president and chief executive of Xome, the digital platform of the nonbank mortgage servicer Nationstar Mortgage Holdings.
Raman, a former chief operating officer at Groupon, held his job for just a year. His resignation was effective Nov. 23, Dallas-based Nationstar said in a Securities and Exchange Commission filing late Monday.
The resignation follows a steep drop in Nationstar's stock, which has fallen 54% from a year ago to $13.62 a share. Nationstar has suffered along with other mortgage servicing stocks such as Ocwen Financial and Walter Investment that have generally fallen out of favor because of heightened regulatory scrutiny.
Nationstar, the largest nonbank mortgage servicer, has struggled to convince investors of the long-term prospects of mortgage servicing nor its foray into fintech through Xome (pronounced Zome).
Raman helped lead the transition of the former Solutionstar unit from a settlement services and title subsidiary into Xome, a website pitched as a "one-stop shop" for consumers to purchase a home (almost) entirely online.
Raman will be paid a severance of $600,000 and must forfeit restricted stock, the filing said.
Raman's previous jobs included the CEO of Groupon's Asia-Pacific region, vice president of global fulfillment at eBay, and senior vice president at Amazon.
Nationstar, the fourth-largest servicer in the U.S., is majority-owned by the private-equity investor Fortress.